# Mojo Mortgages secures £7 million to develop same-day mortgage experience
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2019-02-26
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Mojo Mortgages Secures £7m Series A Funding to
Meta Description: Revolutionising the mortgage experience with same-day offers using innovative technology. Invest in the future of mortgages with Mojo Mortgages.
URL: https://financedigest.com/mojo-mortgages-secures-7-million-develop-day-mortgage-experiencehtml

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- NVM Private Equity and Maven Capital Partners back Mojo Mortgages

- Total funding reaches almost £8million

- The investment will be used to develop the 24 hour, same-day mortgage offer technology

**UK Fintech startup** [**Mojo Mortgages**](http://www.mojomortgages.com/) **has secured £7million in Series A funding to transform the experience of getting a mortgage.**

The fast-growing online mortgage broker, which already raised £800,000 in an earlier seed funding round, will use the investment from NVM Private Equity and Maven Capital Partners alongside other [investors to continue](https://www.financedigest.com/southampton-development-continues-to-excite-local-investors.html "SOUTHAMPTON DEVELOPMENT CONTINUES TO EXCITE LOCAL INVESTORS") its rapid growth and innovation.

Launched just one [year ago by industry](https://www.financedigest.com/abb-dispels-industrial-gloom-to-raise-full-year-outlook.html "ABB dispels industrial gloom to raise full-year outlook") entrepreneurs Richard Hayes and Nick Sherratt, Mojo has helped nearly 50,000 people and saved customers £4million in broker fees with its online mortgage journey, which dramatically reduces the time it takes a get a decision.

The additional funding will enable the team to further [develop the same-day mortgage offers utilising open-banking and automation technology](https://www.financedigest.com/covid-19-makes-the-case-for-technology-and-automation-for-business-development-in-professional-services.html "Covid-19 Makes the Case for Technology and Automation for Business Development in Professional Services"), as well as accelerating the growth and evolution of their already unique mortgage experience.

The Series A funding is one of the biggest raises [reported outside of London in the last 12 months](https://www.financedigest.com/whatsapp-bans-2-4-million-indian-accounts-in-july-monthly-report.html "WhatsApp bans 2.4 million Indian accounts in July – monthly report").

**Innovation**

Mojo’s algorithm-powered mortgage recommendations give [customers more certainty around eligibility and ensures they get the cheapest deal](https://www.financedigest.com/uk-and-eu-reach-post-brexit-customs-deal-for-n-ireland-the-times.html "UK and EU reach post-Brexit customs deal for N.Ireland-The Times") now and in the future.

The disruptive fintech will use the investment to enable same-day mortgage offers utilising [Open Banking](https://www.financedigest.com/why-open-banking-is-safe.html "WHY OPEN BANKING IS SAFE?") technology. Its Mortgage Matcher will analyse a customer’s spending habits to automatically recommend their perfect deal.

The tech will identify customers’ existing mortgage or rent payments and let them know if they could [save money](https://www.financedigest.com/six-tips-for-saving-money-and-investing-wisely.html "Six Tips For Saving Money And Investing Wisely") with a better deal. The eligibility service, which is also available to Mojo’s strategic partners, [combines automation and machine](https://www.financedigest.com/increasing-industrialization-and-industrial-automation-to-fuel-growth-of-combination-filler-machine-market-fact-mr-report.html "Increasing Industrialization and Industrial Automation to Fuel Growth of Combination Filler Machine Market: Fact.MR Report") learning to give customers more accurate mortgage recommendations, online and in real-time.

**‘On a mission’**

Mojo Co-founder Richard Hayes said: “We are on an absolute mission to deliver the UK’s best mortgage experience and make mortgages easy. The UK mortgage market is the [largest in Europe](https://www.financedigest.com/portugal-set-to-start-up-europes-largest-floating-solar-park.html "Portugal set to start up Europe’s largest floating solar park"), but investment into the sector has been disproportionate in comparison to other financial verticals. This has resulted in poor [customer experience](https://www.financedigest.com/customer-experience-creating-the-calm-in-the-chaos.html "Customer Experience: creating the calm in the chaos") and a significant lack of innovation. Mojo intends to put that right.”

Co-founder Nick Sherratt said: “Mojo is [leading the evolution of the mortgage market](https://www.financedigest.com/industrial-cyber-security-solutions-and-services-strong-increase-in-user-base-pans-out-for-north-america-to-lead-market.html "Industrial Cyber Security Solutions and Services – Strong Increase in User Base Pans Out for North America to Lead Market"). We’re delighted that Maven and NVM have joined our existing investors in backing our ambitious [strategy for growth](https://www.financedigest.com/camphor-market-in-depth-analysis-growth-strategies-and-comprehensive-forecast-to-2030.html "Camphor Market In-Depth Analysis, Growth Strategies and Comprehensive Forecast to 2030Camphor Market In-Depth Analysis, Growth Strategies and Comprehensive Forecast to 2030"). Through [innovation and continuing](https://www.financedigest.com/the-bone-and-joint-health-supplements-market-growth-is-to-be-defined-by-innovation-continuously.html "The Bone And Joint Health Supplements Market Growth Is To Be Defined By Innovation Continuously") to build and develop our amazing team, we will achieve our vision of a better mortgage experience for everyone.”

Charlotte Clarke from NVM said: “NVM is incredibly excited to be backing Nick and Rich during the [next phase of Mojo’s growth](https://www.financedigest.com/demand-for-healthy-food-products-is-pushing-sales-growth-of-next-generation-stevia-market.html "Demand For Healthy Food Products Is Pushing Sales Growth Of Next Generation Stevia Market"). We are particularly excited by the substantial [market opportunity and management’s enthusiasm to create](https://www.financedigest.com/could-the-surging-build-to-rent-market-create-emerging-opportunities-for-investors.html "Could the surging build-to-rent market create emerging opportunities for investors?") a better mortgage journey for consumers. NVM looks [forward to supporting](https://www.financedigest.com/taiwans-president-looks-forward-to-britain-supporting-its-cptpp-bid.html "Taiwan’s President looks forward to Britain supporting its CPTPP bid") the team as they drive the business forward.”

Jeremy Thompson, Investment Manager at Maven said: “Mojo has created a fantastic [platform which allows customers to compare and apply for mortgages online](https://www.financedigest.com/jetlearn-the-worlds-first-web-3-0-online-academy-for-k-12-raises-e1-2m-in-seed-round-to-launch-its-platform-in-the-uk.html "JetLearn, the world’s first Web 3.0 online academy for K-12, raises €1.2m in seed round to launch its platform in the UK"), with advice from experienced mortgage brokers. The Mojo team led by Nick and Richard is on a mission to [change the way](https://www.financedigest.com/three-ways-that-2022-is-going-to-change-how-you-think-about-money.html "Three ways that 2022 is going to change how you think about money") we buy mortgages in the UK, and they are driven by improving the mortgage experience for customers. Maven are hugely excited to be supporting the team to help them achieve this.”

Mojo helps customers discover great [deals from more than 90 lenders and offers](https://www.financedigest.com/philip-morris-offers-eu-concessions-in-16-billion-swedish-match-deal.html "Philip Morris offers EU concessions in billion Swedish Match deal") free advice on their best option in 15 minutes before handling the entire application on their behalf.

The startup is a finalist in three categories at the 2019 [British Bank](https://www.financedigest.com/banks-oil-majors-lift-british-shares-higher.html "Banks, oil majors lift British shares higher") Awards. Mojo stands to win the Best Mortgage Broker, [Innovation of the Year](https://www.financedigest.com/the-next-upcoming-years-to-see-the-aesthetic-lasers-and-energy-devices-market-get-through-the-best-of-both-innovation-and-inquisition.html "The Next Upcoming Years To See The Aesthetic Lasers And Energy Devices Market Get Through The Best Of Both – Innovation And Inquisition") and Best Newcomer titles. Winners will be announced in March.

Mojo Mortgages has [featured in This Is Money](https://www.financedigest.com/feature-africas-mobile-money-taxes-risk-driving-poor-out-of-digital-economy.html "FEATURE-Africa’s mobile money taxes risk driving poor out of digital economy"), Forbes, The Guardian and FT Adviser.

**Mojo Mortgages** provides UK [consumers with free personal mortgage advice and recommendation from thousands of products across the entire market](https://www.financedigest.com/analysis-jpmorgan-goldman-bet-on-tech-to-crack-uk-consumer-market.html "Analysis: JPMorgan, Goldman bet on tech to crack UK consumer market"). With a laser focus on first class customer experience, Mojo is on a mission to [disrupt the mortgage market](https://www.financedigest.com/unprecedented-constructive-disruption-to-drive-the-molecular-diagnostics-market.html "Unprecedented, constructive disruption to drive the Molecular Diagnostics Market"), to raise the bar on customer experience and bring about the much needed innovation to the industry.

Founded by highly experienced financial service entrepreneurs Richard Hayes and Nick Sherratt, Mojo Mortgages was born from its founders’ frustration with the old, analogue brokerage model that they saw as poor [value and too onerous for customers](https://www.financedigest.com/the-value-of-customer-centricity-to-c-suite-financial-strategy.html "The value of customer-centricity to C-Suite financial strategy").

Mojo Mortgages is a trading style of Life’s Great Limited, which has been authorised by the Financial Conduct Authority (FCA) for 10 years. Financial [Services](https://www.financedigest.com/integrated-finance-the-advantages-of-using-financial-infrastructure-as-a-service.html "Integrated Finance: the advantages of using financial-infrastructure-as-a-service") Register number: 478215

**NVM** [Private Equity is independently owned with over 30 years’ experience of investing](https://www.financedigest.com/a-holistic-approach-to-esg-is-the-best-chance-of-success-in-a-competitive-private-equity-investment-market.html "A holistic approach to ESG is the best chance of success in a competitive private equity investment market") in unquoted UK businesses. NVM is a generalist investor, managing more than £400 million of funds, and is differentiated by having executives [living and working in regional business](https://www.financedigest.com/nfts-live-streams-sustainable-businesses-and-social-shopping-what-to-prioritise-in-commerce-this-year.html "NFTs, live streams, sustainable businesses and social shopping – what to prioritise in commerce this year") communities throughout the UK.

NVM seeks investment [opportunities of between £2 million and £15 million in UK businesses which have the right mix of growth potential and market](https://www.financedigest.com/new-report-of-fuel-conditioning-system-market-with-size-growth-drivers-market-opportunities-business-trends-and-forecast-to-2028.html "New Report Of Fuel Conditioning System Market With Size, Growth Drivers, Market Opportunities, Business Trends And Forecast To 2028") vision. They may be looking to grow organically, acquire another business or [secure a management](https://www.financedigest.com/education-security-in-2022-hybrid-cloud-device-management-drives-it-challenges.html "Education Security in 2022: Hybrid-Cloud, Device Management Drives IT Challenges") buy-out. [www.nvm.co.uk](http://www.nvm.co.uk/)

**Maven Capital Partners UK LLP**(Maven) is an independent [private equity house focused on the provision of flexible equity and debt funding](https://www.financedigest.com/private-equity-funds-approach-italys-serie-a-to-explore-media-rights-deal-sources.html "Private equity funds approach Italy’s Serie A to explore media rights deal -sources") for UK SMEs, and is one of the most active managers in the UK having invested over £400 million in British businesses since 2009.

Headquartered in Glasgow, and with ten offices throughout the UK, Maven has over 80 investment and support professionals providing a truly nationwide coverage. Maven has £600 million funds under management and ready to invest, and manages assets for a variety of client funds, including [Venture Capital](https://www.financedigest.com/italys-brembo-sets-up-venture-capital-arm-to-invest-in-tech-startups.html "Italy’s Brembo sets up venture capital arm to invest in tech startups") Trusts, UK regional fund mandates, and Maven Investor Partners – a syndicate of institutional, family office and experienced investors.

For more information about Maven visit: www.mavencp.com @maven\_cp


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